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sc38
Level 1
posted
‎March 20, 2021 06:36 PM
last updated ‎March 20, 2021 6:36 PM

Revaluation

Hi Team,

 

I would like to know more about Quick book revaluation . 

 

If we have revalued in this period, for next period we would like to revalue again do we have to manual reverse previous period revaluation?

I.e cash and cash equivalent 

 

if the account we do not wish to revalue anymore however still have a balance. How could i clear the Foreign

currency different.

 

Please see below.

 

Thanks. 

Monthly revalue.png

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1 Comment 1
JonpriL
Moderator
Moderator
‎March 20, 2021 07:50 PM

Revaluation

Hello @sc38,

 

Let me help share the best practices to follow concerning the revaluation of your currency in QuickBooks Online.

 

Normally, it is highly recommended to revalue your currency when needed. Say when the year-end comes and the exchange rate has made its changes, this is when revaluation takes place.

 

In the same manner, here's an article you can read to learn more about your currency revaluation: Enter home currency adjustments for your foreign balances.

 

However, I'd still recommend contacting your accountant for guidance. They can help you clear out the balances on your report to avoid messing up your books.

 

If you haven't yet, here's a link you can use to find a bookkeeper near you: Find an accounting advisor.

 

On top of that, I've also included this reference for a compilation of articles you can use while working with us: Know where you stand financially.

 

If there's anything else that I can help you with, please let me know in the comments below. I'll be here to lend a hand.

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